“Considering our late start, we are very pleased by the pace raised in March and see it as a positive indication of what’s to come.”

Of course, $15 million is a lot less than U.S. Sen. Hillary Clinton’s $26 million. but the subtle (or not-so-subtle) message here is that Giuliani’s got momentum that will carry him into the 2nd quarter and beyond.

The fear about Clinton is that she pushed so hard to put up a big number right up front, relying heavily on her not-so-secret weapon, former President Clinton, that she won’t be able to keep up the pace.